23 August 2024
Listed on HKEX in 2017, Xin Point- a leading automotive plastic electroplated components supplier in China announced its 1H24 with revenue increased by 8.6% YoY to Rmb1.6bn. The company continued to record an improved in GPM to 37.3% in 1H24 compared to 33.4% in 1H23, representing a YoY increase of 3.9ppt. The improvement in GPM was due to the continuous costs and headcount controls, increased in adoption of automation and further improvement in the operating results and efficiencies of its Mexico factory this year which have been steadily progressing and contributing positively to the company’s consolidated results. NP consequently went up by 22.2% YoY to Rmb322.2m in 1H24.
CROSBY Research – Xin Point Holdings (1571 HK/ NR): Margin improved with healthy backlog